Singapore and Hong Kong for Doing Business
Wondering where to incorporate? Hong Kong and Singapore are in the top three ideal destinations to do business in the world. Tons of benefits for corporations.
Located in the Leeward Islands region of the Eastern Caribbean, the Federation of St. Kitts and Nevis achieved its independence in 1983. Today, the country is a member of Eastern Caribbean Currency Union (ECCU) comprised of 8 territories including Saint Kitts and Nevis. The central bank of ECCU is Eastern Caribbean Central Bank (ECCB) responsible for regulating the banking industry of the group in collaboration with each participating member. St. Kitts and Nevis has its own supervision framework for anti-money laundering, and is a member of the Caribbean Financial Action Task Force (CFATF).
All Banks and financial institutions operating in St. Kitts and Nevis are required to be licensed by the ECCB. Financial sector of the country is small and well dominated by banks comprised of 2 local banks i.e. Bank of Nevis Ltd, St Kitts-Nevis-Anguilla National Bank Ltd, 4 branches and subsidiaries of foreign banks, namely Bank of Nova Scotia, CIBC FirstCaribbean International Bank (Barbados) Ltd, Royal Bank of Canada and RBTT Bank (SKN) Ltd.
A foreign company incorporated in St. Kitts and Nevis is not required to open a bank account there. In addition, there is no direct legislation controlling transferring funds into and outside of the country. Foreign companies can freely repatriate dividends and profits to the extent of its foreign business.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|UAE||RAK Bank||USD 10,000|
The below list show some general documents that might be required to open your bank account: